Question 2 (a) (10 Marks) As the Grand Mufti of the Sultanate, His Eminence Sheikh Ahmed bin Hamed Al Khalili's role is to issue fatwa (religious decree/ruling) based on Shari'ah framework. Such framework serves as the guiding rules for Muslims in organizing one's life. Among others, Shari'ah prohibits the: (0) The act of gambling; Consumption of non-halal items (e.g. liquor & pork): The act of believing in sorcery (black magic); Charging interest (riba) in financial transactions; The act of committing adultery (Zina). (iv) (v) Using Al Imam Al-Ghazali's (1058-1111) elaborations of Shari'ah, EXPLAIN the underlying reasons for such prohibitions in Islam to each of (a)() to (a)(v) above. (b) including (8 Marks) Shari'ah effectively affects the entire life of a Muslim Muamalah which covers business transactions. Assuming that Mr. Saeed is planning to open up a business in Salalah of Dhofar_governorate, EXPLAIN HOW Shari'ah would affect his decision operationally. (c) (7 Marks) Mr. Saeed also argued that the introduction of separate Islamic accounting standards is practically unnecessary, as the existing conventional accounting standards such as IFRSs and GAAPs are technically sufficient and relevant. Do you agree with Mr. Saeed's argument above? EXPLAIN, Question 2 (a) (10 Marks) As the Grand Mufti of the Sultanate, His Eminence Sheikh Ahmed bin Hamed Al Khalili's role is to issue fatwa (religious decree/ruling) based on Shari'ah framework. Such framework serves as the guiding rules for Muslims in organizing one's life. Among others, Shari'ah prohibits the: (0) The act of gambling; Consumption of non-halal items (e.g. liquor & pork): The act of believing in sorcery (black magic); Charging interest (riba) in financial transactions; The act of committing adultery (Zina). (iv) (v) Using Al Imam Al-Ghazali's (1058-1111) elaborations of Shari'ah, EXPLAIN the underlying reasons for such prohibitions in Islam to each of (a)() to (a)(v) above. (b) including (8 Marks) Shari'ah effectively affects the entire life of a Muslim Muamalah which covers business transactions. Assuming that Mr. Saeed is planning to open up a business in Salalah of Dhofar_governorate, EXPLAIN HOW Shari'ah would affect his decision operationally. (c) (7 Marks) Mr. Saeed also argued that the introduction of separate Islamic accounting standards is practically unnecessary, as the existing conventional accounting standards such as IFRSs and GAAPs are technically sufficient and relevant. Do you agree with Mr. Saeed's argument above? EXPLAIN
